I don't think it would "hurt" it but it could cause it to malfunction or jam....
I think the biggest threat to a gun when it comes to ammo is reloads (like a hot round, or a weak round that could cause a squib round) and corrosive ammo (could really mess up your barrel if u don't clean and maintain your gun)

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A man who is good enough to shed his blood for the country is good enough to be given a square deal afterwards.
-Theodore Roosevelt

What sort of ammo are we talking about? Just about anything you purchase from a typical retailer should be safe. In theory, steel cased ammo may accelerate wear on the extractor. Realistically, it probably isn't going to be a big deal. I've never shot commercial reloads, so I can't speak to their quality or safety. Aluminum cased Blazers should be fine. Though I never thought they were terribly cheap, compared to say, WWB.
Accuracy can get a bit squirrely at the low end of the ladder. My XD hated Wal-Mart Federal but groups closed right up with WWB.

__________________Cheers,
GregMSgt, USAF, RetiredNRA Life MemberThe hardest thing to explain is the glaringly evident which everybody had decided not to see. - Ayn Rand

No ammo loaded to specs or produced commercially will damage your gun. All 1911s however will have some degree of finickyness about which ammo runs well. Individual guns may run the wwb fine, others not so much. You have to experiment to see what you particular gun likes. Best rule of thumb is to run a few boxes of quality ammo to help with the initial shakeout, any failures noted will pretty much be gun or mag related. After you have proven the gun's reliabilty start changing ammo until you find a cheap reliable round for range use. Your carry rounds should always be a higher quality load...don't bet your life on the cheapest alternative.

Mags are another issue, many perceived ammo failures are actually due to faulty or weak mags, get some good mags as well.

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"The whole of the Bill (of Rights) is a declaration of the right of the people at large or considered as individuals.... It establishes some rights of the individual as unalienable and which consequently, no majority has a right to deprive them of." (Albert Gallatin of the New York Historical Society, October 7, 1789)

"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." - George Washington